He said the state-run college savings plan will reduce charges for expenses by a third from 0.25 percent to 0.17 percent for direct investment options. The investment manager is Vanguard and the program manager is Upromise Investments.

New York’s 529 plan is the nation’s largest direct-sold college savings program with more than $11 billion invested in 575,000 college savings accounts.

“We believe higher education should be possible for all families and we are always looking for new ways to help them save for that goal,” DiNapoli said. “The changes to New York’s 529 program we are announcing today will allow us to better help parents save for their children’s futures.”

He said the state also is changing the investment management and distribution of New York’s 529 College Savings Program Advisor Plan from Columbia Management to J.P. Morgan Asset Management.

DiNapoli said that should result in more investment options, lower fees and enhanced online services. The adviser plan will be renamed New York’s 529 Advisor-Guided College Savings Program.